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Artemis launches European fund for Steer & Casson

Artemis launches European fund for Steer & Casson

Artemis is to launch a Pan European Absolute Return fund for star manager Tim Steer.

Subject to regulatory approval, the fund will be co-managed by Citywire AAA-rated Steer (pictured) and Paul Casson, who joined Artemis last year from Henderson. The fund will replicate the Artemis Pan European hedge fund strategy, a Cayman Islands-domiciled vehicle managed by Steer and Casson.

Between August 2009 and March 2014, the fund posted net annualised returns of 10.9%.

The fund was formerly Artemis's UK hedge fund, the Artemis Pan-European Hedge fund was relaunched in September last year. It was previously managed solely by Steer, but the refocused vehicle is co-managed by Casson.

While exact timings are yet to be decided by Artemis, the  asset manager expects that the new fund will launch in the third quarter, initially for sterling investors.

Multi-currency share classes are also expected to become available in the fourth quarter of 2014, allowing international investors to access the fund.

At first two sterling share classes will be made available: a retail share class with a 150 basis points (bps) annual management charge AMC and institutional share class with a 75bp AMC.

Subject to a high watermark, a performance fee will also apply.

Commenting on the launch, Richard Pursglove, Artemis’ head of retail, stated: 'We are delighted to bring this strategy to a wider audience. We are doing so in an Ucits  fund for the first time, and in a sector that continues to be popular with our clients.'

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Tim Steer
Tim Steer
58/152 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 52.35%
Paul Casson
Paul Casson
43/54 in Alternative UCITS - Long/Short Equity (Performance over 3 years) Average Total Return: 17.76%
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